Texas Instruments Inc TXN shares are volatile in Tuesday's after-hours session after the company reported better-than-expected financial results.
What Happened: Texas Instruments reported fourth-quarter revenue of $4.67 billion, which beat average analyst estimates of $4.62 billion, according to Benzinga Pro. The Dallas-based company said its top-line results were down 11% sequentially and down 3% on a year-over-year basis.
Texas Instruments reported fourth-quarter earnings of $2.13 per share, which beat average estimates of $1.98 per share.
The company said its results reflect weaker demand in all end markets with the exception of automotive.
"Our cash flow from operations of $8.7 billion for the year again underscored the strength of our business model. Free cash flow for the year was $5.9 billion and 30% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-mm production," said Rich Templeton, chairman, president and CEO of Texas Instruments.
Texas Instruments expects first-quarter revenue to be between $4.17 billion and $4.53 billion versus average estimates of $4.41 billion. The company sees first-quarter earnings in a range of $1.64 to $1.90 per share versus estimates of $1.87 per share.
See Also: What Happened To Texas Instruments Stock Today?
TXN Price Action: Texas Instruments has a 52-week high of $191.34 and a 52-week low of $144.46.
The stock was down 0.59% in after hours at $176 at time of publication, according to Benzinga Pro.
Photo: courtesy of Texas Instruments.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.